We wanted to use a conveyancing solicitor in Sully for our house purchase. Our financial adviser informed us that our mortgage lenders The Royal Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Lenders tend to imposes restrictions either the type or the amount of conveyancing firms on their panel. A common example of such criteria being that a firm must not be a sole practitioner. As well as restricting the type of firm, some have limited the amount of firms they allow to act for them. You should note that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there are mixed opinions about the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Sully only perform very few conveyances per annum.
I am the sole beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Sully. The Sully property was put into my name in August. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership could be regarded the same way as though I had purchased the house in August. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view banks take of it, depend on the mortgage company as this requirement chiefly exists to pick up on subsales or the quick reselling of property.
We were going to get a OIP from Barclays this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Sully solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Sully solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
After shopping around on the internet I have found a Sully solicitor having made sure that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Sully postcode. As you are getting a mortgage with Leeds Building Society, you could contact them to see if they have a list of approved surveyors in Sully.
My friend recommended that if I am buying in Sully I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Sully conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Sully around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Sully Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Sully.
What does commercial conveyancing in Sully cover?
Commercial conveyancing in Sully covers a wide range of advice, provided by qualified solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
In my capacity as executor for the will of my grandmother I am disposing of a property in Newport but reside in Sully. My solicitor (who is 260 miles awayneeds me to execute a statutory declaration prior to completion. Can you recommend a conveyancing practitioner in Sully to witness this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are located in Sully
What makes a Sully lease defective?
There is nothing unique about leasehold conveyancing in Sully. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain parts of the property
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I purchased a garden flat in Sully, conveyancing was carried out in 1995. Can you work out an approximate cost of a lease extension? Corresponding properties in Sully with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2080
With just 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.